“Yeah, we believe we have the confidence to earn our way out of that over the next several quarters.”

In context

“rter result or is that still a pending yet to happen? Dermot McDonogh: We expect that to happen over several quarters, Ken. I think the important point, so it happened over both quarters. I think the second quarter was a little bit more than the third quarter, but we do expect that to work its way through over the next several quarters. I think the important point I'd leave you with on Pershing, in addition to the Wove developments, is the fact that we added $23 billion of net new assets in the quarter, and the underlying strength of the business and our ability to provide solutions to our clients in that space is really, really terrific to see. Kenneth Usdin: Yes, and that's what I'm hoping for that you can offset that with the organic growth. That's what I'm getting at. Dermot McDonogh: Yeah, we believe we have the confidence to earn our way out of that over the next several quarters. Kenneth Usdin: Okay, got it. Thank you. Operator: Our next question comes from the line of Mike Mayo with Wells Fargo Securities. Please go ahead. Mike Mayo: Hi. I think you guys have been pushing for stronger fee growth, and that's a slog, but in the meantime, you're certainly bending the calls curve, as you say. I guess, Robin, to your opening comment about a conglomerate with a bunch of silos and breaking those down, certainly is a key to growing revenues faster. How can you actually implement horizontal integration among these disparate businesses and by breaking down those silos. Like, do you have any proof points or evidence now, or is this more like a three to five year plan? Robin Vince: Sure, Mike. So look, this approach of de-siloing the company is clearly one of our critical pi”